F&I

New Program Saves Auto Dealers Time, Frees Up Cash Assets

February 22, 2007
• by Staff

Yorba Linda, Calif.— Flex Fund Financial Services, a provider of used-car inventory financing for new- and used-car dealers, and salvage buyers, has announced FLEXible Trade-Ins, a new program specifically designed to save dealers time and money on trade-in vehicles.

Through FLEXible Trade-Ins, Flex Fund will directly finance trade-in vehicle transactions that involve outstanding loan balances. Dealers can now use FLEXible Trade-Ins to immediately pay off loan balances for vehicles.

Typically, a dealer does not receive the title to a purchased trade-in vehicle until he/she has paid the outstanding funds to the vehicle's lien holder. Dealers can't obtain inventory financing until they have the vehicle's title. According to Cliff James, Flex Fund CEO, policies like these consume two of the dealer's most precious commodities — time and cash.

Cash is consumed when the dealer pays off the trade-in vehicle loan balance to the lien holder. Time is consumed because it often takes two to five weeks for the dealer to receive a title that he can then present for floor planning.

Larry Dorfman will step aside as chief executive of APCO Holdings, the company he founded 35 years ago and grew to include the EasyCare, GWC Warranty, and Covideo brands, yielding the company’s chairman and CEO position to former J.D. Power head Finbarr O’Neill.

Two years ago, Chris Brown went looking for a way to facilitate sales, trade-ins, and financing for car buyers who prefer to shop online. Today, his Seattle-area Subaru dealership is doing just that, and he says the experience he and his team deliver is just as ‘stress-free’ as ever.

F&I products offer tremendous value to every customer, but top-producing F&I managers build their presentations around the unique needs they discover in the interview. Go one-on-one with American Financial’s John ‘The F&I Professor’ Vecchioni to brush up on your interview skills and improve your per-copy average in this up close and personal Tip of the Week.